Nokia flags disruption from Trump's tariffs on Q1 profit miss

Nokia reported first-quarter profit well below market expectations on Thursday, and flagged a short-term disruption from U.S. tariffs with an estimated impact of between 20 million and 30 million euros to its second-quarter profit.

Comparable operating profit fell to 156 million euros ($176.9 million) in the first quarter of 2025, a 36% miss against the average forecast of 243.83 million euros by analysts surveyed by LSEG.

Nokia's sales in North America have been growing steadily despite losing market share to Nordic rival Ericsson, reflecting a renewed market strength after years of weakness.


But now the sweeping tariffs imposed by U.S. President Donald Trump could counter this trend, as companies might pause orders fearing price increases.

The Finland-based company also announced a strategic multi-year extension of its partnership with T-Mobile in the U.S. to expand the carrier's 5G network coverage.

Its quarterly net sales totalled 4.39 billion euros, down 1% from a year earlier and a notch lower than the 4.41 billion euros expected by analysts.

Nokia confirmed its outlook for the rest of the year, which now includes the acquisition of Infinera.

($1 = 0.8820 euros)